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CDEDI Speaks Out On Forex Scarcity

CDEDI's Namiwa CDEDI's Namiwa

The Center for Democracy and Economic Development Initiatives (CDEDI) says the scarcity of forex has halted production of most local industries which has forced rationing of basic commodities such as cooking oil and sugar on the market.

CDEDI Executive Director Sylvester Namiwa says with the current situation, the central bank should prioritize serving public interests to bail out the country from the economic woes.

Namiwa says recent sentiments by the department of economic planning that there is no solution to forex scarcity is worrisome to Malawi's economic status.

He is however calling for proper monetary policies that can assist to address the economic woes.

"At a time when Malawians expected that things will improve, they were shocked to learn that the governor who failed to make available resources to procure medicines is able to commit 3 million US dollars for the presidential trip," Namiwa said.

But Economic expert Dr. Betchani Tchereni thinks suspension of importation of non-essential commodities is one quick solution to address the scarcity of forex in the country.

"Some commodities are just a drain on our resource envelope, we can not be spending foreign exchange on those commodities, we should spend our foreign exchange on things that are essential in industrialization and human life."

The scarcity of foreign currency on the market has forced some foreign traders to halt or suspend some of their operations in Malawi.

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Last modified on Monday, 23/05/2022

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